With prices rising on the Spanish property market almost across the board, a new arrival in real estate is making waves among buyers. Known as ‘co-housing’, this type of property aims to promote interaction among neighbours and locals while providing cheaper housing at the same time.
What is co-housing in Spain?
Co-housing is an alternative to the traditional forms of property. The model has its foundations in sharing private spaces within the complex, but most of all, it’s about collaborative consumerism.
What types of co-housing are there?
There are several models, including:
Cooperatives – the group develops the projects and then lives in the housing. As a result, owners are both developers and final end-users of the property.
Co-living – this model shares the idea of communal spaces, but third parties usually develop the properties that are then sold to others.
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What are the advantages of co-housing?
This recent arrival on the market comes with several benefits:
Encourages collaborative consumerism – in a world where eco-living is the main watchword, co-housing places the environment centre stage.
Encourages interaction among neighbours – there’s no excuse for not knowing your neighbours in co-housing because this model actively promotes a communal lifestyle. Of course, older and single residents stand to benefit the most, but the model encourages everyone to interact.
Promotes cheaper properties – most examples of co-housing in Spain offer real estate that comes in at a considerably lower price than the usual market value. For instance, in Madrid, co-housing projects offer flats from €100,000, well below the regular city prices.
Where can I find co-housing projects in Spain?
This type of development is springing up all over the country, even in Madrid and Barcelona. However, most projects are in rural locations or smaller towns.
What sort of communal facilities should I expect in co-housing in Spain?
Like many properties in Spain, co-housing offers shared gardens, sports amenities (e.g. tennis court) and possibly a pool. However, co-housing goes one step further and residents can enjoy facilities such as a library, meeting room, onsite care services and a year-round programme of events for residents.
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How much does a co-housing property cost?
Generally from €100,000 and like all real estate in Spain, the sky’s the limit – the most exclusive cost more than €700,000.
What about the legal side of co-housing?
Co-housing might be a slightly different type of real estate and come with lower prices, but it’s still a significant investment of your money. And just like a regular property, you need professional legal advice to ensure your interests (and money) are protected during the purchase process.
If you’d like to find out what that legal advice consists of, get in touch with our team for a no-obligation consultation.
Maria Luisa Castro
